Electronic waste is a big problem. Because electronics are not biodegradable, there are very few good options to deal with used electronics that don’t lead to harmful emissions. But instead of throwing electronics away there might be a much better idea: refurbishing them.
What’s happening:
- Vienna based electronics marketplace Refurbed has raised €57M in a Series C financing round
- The round was led by Evil Growth Partners and C4 Group and included other notable investors such as All Iron Venture and Speedinvest
The big idea:
- Electronic waste is a huge environmental problem that needs to be solved
- By refurbishing and reselling used electronics, Refurbed is able to find a profitable way to deal with electronics that individuals would otherwise throw out
Why it matters:
- Disposing of used electronics in a landfill causes toxic substances such as lead and mercury to eventually leach into surrounding soil and water
- Electronics contain non renewable resources such as gold, copper, aluminium, cobalt and other valuable metals
By the numbers:
- Refurbed has raised €115M since their inception
- Through their marketplace, Refurbed has sold over €1B of refurbished electronics across Italy, Sweden, Denmark, Germany and Austria
- Refurbed believes that since they founded the company they have been directly responsible for reducing 160 tonnes of carbon emissions into the atmosphere
